Kiribati Economy - 2024

Economic overview

lower-middle income, Pacific island economy; environmentally fragile; sizable remittances; key phosphate mining fund; tourism and fishing industries; public sector-dominated economy; recent withdrawal from Pacific Islands Forum; ongoing constitutional crisis

Real GDP (purchasing power parity)

$249.64 million (2021 est.)
$245.951 million (2020 est.)
$247.304 million (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.5% (2021 est.)
-0.55% (2020 est.)
-0.54% (2019 est.)

Real GDP per capita

$1,900 (2021 est.)
$1,900 (2020 est.)
$2,000 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$197 million (2017 est.)

Inflation rate (consumer prices)

-1.81% (2019 est.)
0.56% (2018 est.)
0.36% (2017 est.)

GDP - composition, by sector of origin

agriculture: 23% (2016 est.)

industry: 7% (2016 est.)

services: 70% (2016 est.)

Agricultural products

coconuts, roots/tubers, bananas, vegetables, taro, tropical fruit, poultry, pork, nuts, eggs

Industries

fishing, handicrafts

Industrial production growth rate

-1.57% (2020 est.)

Labor force

39,000 (2010 est.)

note: economically active, not including subsistence farmers

Unemployment rate

30.6% (2010 est.)
6.1% (2005)

Youth unemployment rate (ages 15-24)

total: 22.5% (2019 est.)

male: 21.2%

female: 24.6%

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

27.8 (2019 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

8.24% of GDP (2020 est.)
11.28% of GDP (2019 est.)
10.18% of GDP (2018 est.)

Budget

revenues: $281 million (2017 est.)

expenditures: $205 million (2017 est.)

Budget surplus (+) or deficit (-)

-64.1% (of GDP) (2017 est.)

Public debt

26.3% of GDP (2017 est.)
22.9% of GDP (2016 est.)

Taxes and other revenues

26.28% (of GDP) (2020 est.)

Fiscal year

N/A

Current account balance

$20.251 million (2021 est.)
$71.279 million (2020 est.)
$86.818 million (2019 est.)

Exports

$10.754 million (2021 est.) note: data are in current year dollars
$21.228 million (2020 est.) note: data are in current year dollars
$32.516 million (2019 est.)

Exports - partners

Thailand 60%, Indonesia 11%, Philippines 10%, Japan 6%, South Korea 3% (2021)

Exports - commodities

skipjacks, tuna, fish fillets, ships, coconut oil, copra (2021)

Imports

$201.984 million (2021 est.) note: data are in current year dollars
$148.77 million (2020 est.) note: data are in current year dollars
$177.149 million (2019 est.)

Imports - partners

China 23%, Taiwan 16%, Fiji 16%, Australia 12%, New Zealand 6% (2021)

Imports - commodities

fishing ships, beef, netting, poultry meat, rice, refined petroleum, sugar, refrigerators (2021)

Reserves of foreign exchange and gold

$0 (31 December 2017 est.)
$8.37 million (31 December 2010 est.)

Debt - external

$40.9 million (2016 est.)
$32.3 million (2015 est.)

Exchange rates

Australian dollars (AUD) per US dollar -

Exchange rates:
1.331 (2021 est.)
1.453 (2020 est.)
1.439 (2019 est.)
1.338 (2018 est.)
1.305 (2017 est.)

note: the Australian dollar circulates as legal tender